#TwoforTuesday – Some great guidelines to know for DU approvals to show up. Today I go over some common questions that I get about collections and balances. It’s actually for conventional loans, but yep, I throw in the FHA guides as well! 🙂
You know I ♥ Govie loans! Everyday I’m talking Loans and Leads! What topic you want to talk about today? – I’m in the office helping LO’s close more deals all day, reach out to me!
Short and sweet to the point today – Now go get on the phones, and make something happen!! #SellWell as always (no link today) – Just good content! 🙂
#TwoforTuesday – Today I go over two lending tips for you LO’s to help you structure and get more deals done. The most common misconception on the 1003 and incomes are addressed. Seems lot of LO’s aren’t sure on how this works, or question income. Here’s a cheat for you to apply.
The 1003 needs to have two years of work history and two years of housing history. While in some cases (W2) the current 12 month income is looked at and the past 12 month housing payment history is analyzed, you still need to document TWO years on the 1003. As far as income is concerned, the most common is those that are self employed and LO’s are attempting to “average” that income. When in fact, it shows a decline in income over the past 2 years more than 25%! That’s the magic number to remember, if the declining income is more than 25% decline, you don’t average, you just take the lower of the two years (most recent). Some additional tips in today’s video where I go over this below! ↓
It’s one thing to develop the leads and referral partners to get on the phone with clients. Once you start pulling credit and putting together deals, don’t forget the basics. The 1003 is the heart of the transaction and all underwriters verify that information. The more accurate the 1003, the more easily loans close. – Remember that!
#TwoforTuesday – The Dodd Frank rollback, and how it affects you Loan Officers! Well there is more than two changes but the best one’s I highlight and go over. This is a big week for those ramping up a pipeline for the summer. Either you are in it to win it with several types of campaigns running to feed you leads or you are missing the boat. This video’s longer, but I highlight the changes and how it affects the daily life of a LO!
Hint it doesn’t really;
This week I am going to help set up several campaign strategies for LO’s that want to have the best summer they’ve ever had. 10X your business with a lead strategy to help you stand out to your referral partners and take charge of your pipeline this summer. I do a bulk order of Facebook funnel advertisements for LO’s and lower the barriers of entry to allow those interested to get in the game. It’s all about a power play, a way to generate leads to provide your referral partners, build a brand and culture online! And it helps many take their business to new heights when they implement a social media marketing campaign strategy.
#TwoforTuesday – Two secret sauces today for you those of you learning. First to expand your past client acquisition you need a client retention strategy. This goes hand in hand in doing just that. And levels the playing field for you to be able to get credit inquiry notifications from your past clients, just like the big banks! Second there is a skill to marketing you learn over time. One of the secret sauces is where I started this all. And is the best place to learn “how to do it yourself”!
There’s really two ways to do both of these. Do it yourself or have someone else do it for you! In the case of client retention I hope you have a great cadence frequency to follow up and stay infront of all your past clients. Most don’t do this, let alone have a frequency to do it. Second, when it comes to marketing, the best advice I can give you is to start. Without marketing properly there is no branding and no leads flowing in. So start. And a great place to start is by learning how to do it yourself. Yeah, there may be functions of follow up sequences or ad tools that you may want to outsource. But to a degree I believe everyone should learn the basics. These do just that:
Here’s some links for your viewing pleasure. If you are interested in secret sauce number 1, to retain your past clients with notifications from when they are looking for a mortgage in the future —> CLICK HERE TO RETAIN YOUR CLIENTS!
If your interested in at least seeing what you can learn about, here’s a link to a free webinar you can watch. You’ll probably get something from it regardless, but if you want to learn, you gotta #BreakFree! – CLICK HERE TO BREAK FREE AND LEARN MARKETING!
Me, I help my broker’s on a smaller level than that of the big boys here, I’m just a little guy. And what I put together compliments each of these tools today to help you expand your marketing presence. All part of the secret sauces. I teach social selling on an organic level to help you get to the paid ads level. I help you with learning to building a brand, expanding your culture and growing your business online with strategic planning. I teach basics, like how to write good “ad copy”, what to post, and how to #Push and #Pull your messages inside your campaigns you generate. When effectively used, you create better results for paid ads. It’s my BLUEPRINT I’ve put together over the years now. For those that can’t afford trainings or investing in done for them solutions, this is a great alternative to get you going. And I position it so you don’t break the bank in the process. Get the BLUEPRINT here!
#TwoforTuesday – Two guides, a missing condition and a product highlight!! A bunch going on, today I talk about the difference between grossing up income with Conventional and FHA! Also, the most missed condition in loans EVER! And a product highlight!!
In my opinion, probably the strongest product my underwriting team has, however numbers show FHA is the most underwritten product. I just get great reviews of pricing, of underwriting and we all great things on VA!!! Yep, #VAloans is a product highlight today! And very much a strong suit at #TeamNDM!! We allow FICO’s as low as 580 and do manual underwriting with DTI as high as 50% with no comp factors. *Residual must be 150%! We allow both LP and DU on this product and we have a great team dedicated to help these files fly through the pipeline. 1 day turn times and a great product to produce for your Vets in your neighborhood. If you send in a check to be sponsored by any #WholesaleLender we should be one of them!
Are you READY YET? Ready to blow up your reach, your lead count, and double the business you do? Well this is what I try to do with each account that signs up with me. I am the difference maker, and a great AE to partner with. #LetsDoBusiness Fill in below ↓
#TwoforTuesday – LARGE Deposit guidelines for USDA and VA loans. Bottom line make sure you “LOOK” at the bank statements you get from clients BEFORE you turn them in. Make sure you know the various large deposit guidelines to prescreen the statements prior to turning them in.
Short and sweet, with a need a need for leads? – I can show you how, click below video!
If you are still struggling to get going online, and don’t know where to start – I have #TheBLUEPRINT to help you get started making campaigns online. The struggle I see is most just don’t know what to do, or what to post! I created a guide of 5 types of posts I call the 5 P’s of Posts that help you gain reach, relevancy and results online. Might as well start somewhere! – Reach out to me, or fill in below and let’s get you dominating your local market place! #SellWell
#TwoforTuesday – New Freddie Mac Program! – Home One and Home Possible changes and roll outs are discussed today! Straight forward if you ask me, and they (Freddie) is doing some great things. I think their poised to see a pick up in market share this year.
Today, I’m searching for new Broker’s to help with closing loans, marketing campaigns and overall partnership to grow their business! If you want a difference maker on your team, let’s chat! Fill in below! ↓
#TwoforTuesday – HOPA to the rescue! PMI or Private Mortgage Insurance is a good thing, and explaining to clients how it works, what it’s for, and how it can be cancelled afterwards is all apart of making yourself stand out!
This comes in good timing as rates are going up, and Home Possible and Home Ready programs are more attractive as a result. In my group Sales Talk with Mortgage Pro’s, a seasoned LO, asked for a price check across the board and asked over 4000 people what their price was for a 30 yr fixed, 80 LTV. As a result I priced my own and found these two programs a potential “angle” they could pitch. The crowd loved it, and then PMI came up. One has it and one doesn’t. Well there’s advantages and disadvantages to this, in fact PMI is tax deductable up to a certain income bracket still. (married 109k or single 54k). Today I go over the two ways PMI can be cancelled to help you LO’s be able to explain how it works as a viable option to your clients.
Two for Tuesday – Give your clients options, a Government option and a Conventional with PMI option. Look at saving them money in the bank and using the Home Ready or Home Possible options, then explain PMI to them. As a result (assuming they qualify) this can help you stand out as the professional.
#TwoforTuesday – Cheaters never win! Fannie Mae’s newest update stops them. Funny but this is the truth. Why are we in 2018 and we still are dealing with “Cheaters” in the mortgage industry. There are some great companies out there and it’s appalling to hear these stories where companies are doing things to cheat and use lender credits for a down payment. Are you kidding me, you played some loop hole for years just cause? It’s the same for builders that are giving excessive incentives to a borrower to capture both the Real Estate side and Mortgage side of the equation. Then taking it away or not offering it if another lender is used. I am not so sure about the whole KW thing going down right now. I don’t have an opinion yet, but if they are blatantly “cheating” to incentivize, this is the ethical stuff we need to ban from our industry.
Fannie Mae issues two new changes at the beginning of the month due to those that needed clarity. Seems the first change is well, I understood it this way for years. Maybe I just didn’t look to cheat and use it that way. Crazy some people do this, and Fannie has to update verbiage and completely spell it out. Second change makes sense and is a helpful one to help those doing construction loans to define the transaction type. Check it out below ↓
What I feel like doing this summer is creating a list of builders (or other companies) that “cheat” and publicly posting it for those to see. This can’t go on, if you “cheat” and know it because you’re on the “other side” of some aspect of Real Estate, Title or otherwise and incentivize clients to use your company in a manner that’s abusive. You should be reported. Cheaters never win! Well some say maybe in the short term, but in the long haul there will be a cause and affect that might not be in your favor. Please please please execute good judgement and fair lending practices when in mortgages. It’s what makes it “right” for the client. “Do the Right thing” has always been apart of my mantra and it seems more and more companies are actually looking to play loop holes in our industry to gain a competitive edge. At least for a short lived time. If you know of a company doing something like this, let me know, I’ll show you the way to report them.
STOP CHEATING! – Fannie Mae shouldn’t have to put out guidelines to clarify a guideline that was set many years ago. (A lender credit was never intended to be used for a down payment or for compensating third parties) Nor should companies be incentivizing clients to use their services or steer them to use and not offer the same incentive if a borrower chooses another (Shop-able) option. Watch mark my word, down the road there will be legislation in our industry that if some incentive is offered to use a shop-able service for a mortgage (that is also owned by same mortgage company) there will be a limit or restriction of the incentive. Or something to the affect that another option is used, a percentage of that incentive would need to be applied. Something will happen in this area. Be fair to your clients, your brand and your way of doing business. Nothing good comes out of cutting corners. PERIOD>.
#TwoforTuesday – Broker disclosed or Lender disclosed are two common options when submitting a loan. Today I break down the “skinny package” to help make it easier to understand.
In processing a loan, submitting should be one of the easier steps inside a lender portal. Don’t over complicate it, keep it simple. I suggest you upload a PDF with submission form and required “disclosure” docs based on how you are submitting and then a second PDF with all supporting docs. Based on what your findings show on DU/LP. Don’t make the mistake of sending in extra stuff at submission of a loan. Just keep it basic on what DU asks for upfront. **That means you have to read the findings and only upload what’s asked for!
I’m growing this week with new relationships in areas that do FHA and Non-QM loans. If that’s you, #LetsDoBusiness ↓